Certain public financial institutions are willing to assess requests for support and provide financial support for gas purchases in line with their rules and commercial practices and subject to the specific conditions set out below.
if gas supplies are for one of the EBRD’s countries of operations
if gas is supplied directly or indirectly from a gas supplier with license to operate on the Norwegian continental shelf
if the gas buyers or suppliers are from Romania
if gas supplies are for Finland
Details of financial institutions that may support you:
- EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD)
if gas supplies are for one of the EBRD’s countries of operations (including in the EU: Bulgaria, Croatia, Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Poland, Romania, Slovak Republic, Slovenia, and in the Energy Community: Albania, Bosnia and Herzegovina, Georgia, Kosovo, Moldova, Montenegro, North Macedonia, Serbia and Ukraine).
EBRD has experience in providing revolving working capital credit lines and guarantees, incl. SBLCs that support energy security. Projects need to be Paris Agreement aligned and meet the EBRD’s approach to fossil fuel financing, including that a company with significant fossil fuel assets has in place, or is committed to adopting, high climate governance standards, such as the TCFD Principles and a credible decarbonisation plan. The borrowers have to satisfy the EBRD investment criteria, including KYC and ability to adopt best environmental, health and standards, which in many cases mean to go beyond national requirements. During 2022 the EBRD provided EUR 760m debt financing for liquidity support to gas trading and distribution companies as follows:
- USD 300m revolving working capital loan to Naftogaz of Ukraine for gas purchase;
- USD 300m revolving working capital loan to the Government of Moldova for diversification of gas supplies and building strategic reserve;
- EUR 30m liquidity support to Petrol of Slovenia;
- EUR 30m liquidity support to Premier Energy of Romania
- EXPORT FINANCE NORWAY (EKSFIN)
if gas is supplied directly or indirectly from a gas supplier with license to operate on the Norwegian continental shelf. A list of license holders is published on
Eksfin, a governmental agency under the Royal Norwegian Ministry of Trade, Industry and Fisheries, is authorised to manage loan and guarantee schemes on behalf of the Norwegian government.
In the context of the AggregateEU platform, Eksfin may provide cover for credit risk:
(a) by way of counter-guaranteeing payment obligations of gas buyers and/or issuing banks under letter of credit arrangements, including standby letter of credit arrangements; and
(b) by short term credit insurance to gas sellers for the payment obligations of gas buyers domiciled in Albania, Bosnia and Herzegovina, Kosovo, North-Macedonia, Georgia, Moldova, Montenegro, Serbia or Ukraine.
Maximum cover from Eksfin under letter of credit/standby letter of credit arrangements will be 75% of the financial exposure of the relevant creditor (issuing bank and/or advising bank). Maximum cover under short term credit insurance will be 90% of the payment obligations of the relevant gas buyer.
Pricing from Eksfin will be market based in all transactions. Complexity and timing of case handling will depend on reliable and validated credit information, where applicable, on the relevant debtor/obligor, possible need for securities, etc. In the case of letter of credit/standby letter of credit arrangements we will need full access to the counter-guaranteed banks’ terms. Normal banking procedures regarding “know your customer” and compliance with anti-corruption, anti-money laundering, sanctions and sustainability will apply. Gas sellers, gas buyers and their banks may approach Eksfin for a discussion on possible solutions on a case by case basis.
Applications can be filed at www.eksfin.no/en/application-forms/
- EXIM BANCA ROMÂNEASCĂ
if the gas buyers or suppliers are from Romania. Exim Banca Românească offers mainly the following domestic guarantees on behalf and for the account of the Romanian state for investments and working capital needs: (a) guarantees in market conditions, covering max. 80% of the investment/working capital loan; and (b) guarantees under the Ukraine state aid scheme, until end 2023, covering 90% of the loan, in accordance with the terms and conditions set up in the EC Temporary Framework Ukraine. Whether you are an SME or a large company, you can use the guarantees granted by Exim Banca Românească as collateral for the loans and letters of guarantee issued by the commercial banks. Exim Banca Românească has extensive experience in working with the Romanian commercial banks when providing guarantees on behalf and for the account of the state. The application for the guarantee is to be jointly submitted by you and your bank but you may first contact Exim Banca Românească using the EU Energy Platform’s contact details in the section below.
In its capacity of ECA (Export Credit Agency), Exim Banca Românească can provide export credit insurance for short term (up to two years supplier credits) and medium and long term (more than 2 years supplier and buyer’s credits), in compliance with the OECD rules and EU regulations.
if gas supplies are for Finland. Finnvera offers mainly domestic guarantees, but also loans and export credit guarantees and other services associated with the financing of exports. Finnvera secures the availability of business finance primarily by guaranteeing loans and guarantees granted by other financing providers. Your company can use guarantees granted by Finnvera as security for credits and other commitments issued by banks or other financing providers. Companies can also apply for a loan directly from Finnvera. However, Finnvera only grants loans as part of the company's agreed overall financing, so please always negotiate your financing project with your bank first.
Under its ECA (Export Credit Agency) function Finnvera can provide funded export credits and export credit guarantees for the financing of Finnish exports to energy investments abroad. Finnvera has recently adopted an oil & gas policy which limits supporting oil & gas energy investments according to E3F (Export Finance for Future) coalition guidelines.
- INSTITUTO DE CREDITO OFICIAL (ICO)
if gas supplies are for Spanish companies. El Instituto de Crédito Oficial (ICO) has varied liquidity products, including alternative market MARF liquidity, on-lending facilities that include liquidity and short-term financing. Companies can also apply for direct loans and guarantees, and all these facilities are under market conditions.
ICO as financial State Agency has been mandated with the Ukraine guarantee facility of 10 billion euros available up to December 2023. The conditions are those agreed upon under the European Commission Ukraine Temporary Framework and are intended to cover the liquidity needs of companies and the self-employed (current expenses, working capital and investments).
The borrowers have to satisfy the ICO investment criteria, including KYC and ability to adopt best environmental, health and standards, which in many cases means going beyond national requirements.
How to contact the financial institutions:
For the EBRD, FINNVERA, EXIM BANCA ROMÂNEASCĂ, and/or ICO, you may send a request for support to the EU Energy Platform via email to:
- The name of the financial institution(s) from which you are requesting support (see list and conditions above)
- The name and place of incorporation of your company;
- The ultimate beneficial owner(s) of your company;
- The destination of the gas you are willing to purchase;
- If available, an estimated amount of the requested financial support;
- Any other information you find relevant at this initial stage.
Please note that the EU Energy Platform will forward your request to the relevant financial institution(s).
Further contacts will be organised bilaterally between your company and such financial institution(s).
For EKSFIN, your application can be filed directly at www.eksfin.no/en/application-forms/
For general enquiries, you may send an email to EU-ENERGY-PLATFORM-FINANCING@ec.europa.eu.